Prime Minister Imran Khan participated, as Chief Guest, in the launching ceremony of Pakistan’s first Instant Digital Payment System ‘Raast’.
The State Bank of Pakistan (SBP) revealed, in a tweet, that Imran Khan would launch the system in Islamabad, adding that the ceremony would go live at 4:30 PM.
According to the State Bank, Raast is Pakistan’s first instant payment system that will enable end-to-end digital payments among individuals, businesses and government entities instantaneously.
“The state-of-the-art Pakistan’s Faster Payment System will be used to settle small-value retail payments in real time while at the same time provide a cheap and universal access to all players in the financial industry including banks and fintechs,” the SBP’s official site states.
Prime Minister Imran Khan said that Raast will boost Pakistan’s formal economy. He congratulated the State Bank of Pakistan for taking this initiative, while encouraging Reza Baqir, SBP’s Governor, to take similar initiatives related to digital economy.